The Nigeria Deposit Insurance Corporation (NDIC) has begun paying insured deposits to customers of the 46 recently failed microfinance banks.
The NDIC Managing Director and Chief Executive, Mr Thompson Sunday, disclosed this in an interview with the News Agency of Nigeria (NAN) in Abuja.
The interview took place on the sidelines of the International Association of Deposit Insurers Africa Regional Committee meeting.
Sunday said the corporation was using the Nigeria Inter-Bank Settlement System and customers’ Bank Verification Numbers (BVNs) for the payments.
He said NDIC had traced depositors’ alternative bank accounts and credited them directly without requiring physical visits.
